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Mexican Black Market Peso Exchange Unaffected by Bank Clampdown: U.S. Report

The decision by a London-based global bank to end its foreign currency exchange business in Mexico has had no long-term impact on curtailing money laundering, according to a U.S. report. HSBC Mexico said in December 2008 that it was dropping its currency exchange business the following month as part of a move to transition to alternative payment methods and reduce risks associated with the business line. The move was prompted in part by the bank's new anti-money laundering policy, the U.S. Justice Department said in its National Drug Threat Assessment 2010 report, released Thursday. The decision has done little to...

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